tbh
98 posts
Reason memecoin traders getting destroyed is because real “Wall St” money now moving into crypto…
Scams, celebrity coins, etc simply aren’t going to fly anymore.
Garbage sniffed out (& publicly called out) *quickly*.
That’s a good thing for crypto adoption longer-term.
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@42MacroAware @42Macro Thanks 🙏 This one slide is so useful. I follow kiss directionally but I tweak the actual allocations to better suit my own goals.
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@MetaKeysDAO @MetaKeysDAO Hire me. I offered to step in for the community weeks ago.
You have 100E to work with, it’s not that complicated.
Deleting chat was unprofessional too, bad vibes.
If you want to turn this around and get serious, DM me before it’s too late!
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@MetaKeysDAO I suggest you wind down the project and distribute the treasury. It's the right thing to do and there's no shame in it.
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@42MacroAware @42Macro Which component caused it to go positive? Is it because the rrp is getting drained? I would think the other parts of the formula are not going in a positive direction
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tbh รีทวีตแล้ว
Frax Finance is one of my top investment convictions for 2023-2024.
To help you understand why I'm so bullish on $FXS, I've summarized everything you need to know:
❯ Ecosystem flywheel
❯ Future upgrades
❯ Long-term confidence
Let's go!
@fraxfinance is undoubtedly one of the most intricate DeFi ecosystems. It encompasses all trending DeFi categories, creating a robust revenue flywheel:
❯ Liquid Staking: $frxETH – currently the most yielding LST with multiple LSTfi options.
❯ Stablecoins: $FRAX and $FPI – a stablecoin pegged to a basket of consumer assets.
❯ Stablecoin staking: $sFRAX (voting)
❯ Lending: FraxLend
❯ AMM/TWAMML FraxSwap
❯ Bridge: FraxFerry
❯ L2: FraxChain (to be released)
❯ ve(3,3): $FXS
FRAX STABLECOIN
Their flagship product, the FRAX stablecoin, was the first stablecoin to combine partial collateralization with algorithmic control.
Although they transitioned to a fully collateralized model in 2023 after the collapse of $UST, this move demonstrated Frax Finance's commitment to innovation and pushing the industry's boundaries.
FRAXSWAP
Frax Finance's native DEX, FraxSwap, was launched in June 2022, making it the first live implementation of the Time-Weighted Automated Market Maker (TWAMM) in the market.
This innovative system allows for the processing of large orders over time, preventing significant price fluctuations.
FraxSwap is also utilized for the buyback of FXS tokens from the market. The profits generated from Frax Finance's algorithmic market operations (AMO) are used for this purpose. These AMOs leverage collateral in Frax Finance, contributing to the yield for FXS holders.
FRAXLEND
Following the deployment of FraxLend, a money market platform, Frax Finance experienced a significant increase in the adoption of FRAX.
This platform allowed users to borrow FRAX by using assets as collateral. Additionally, Frax Finance actively participated in the well-known Curve Wars, strategically directing rewards to FRAX pools to attract more users to the platform.
FRAXFERRY
To support their multichain expansion efforts, Frax Finance later introduced FraxFerry. This platform assists with the seamless bridging of Frax assets across the supported chains.
FRAX ETHER
Finally, let's talk about one of Frax's most significant products: Frax Ether (frxETH). It marked Frax's entry into the LSD space, competing with market leaders such as Lido and Rocket Pool.
Although frxETH was launched in October 2022, it rapidly became one of the protocol's crucial offerings. This was due to the growing popularity of the LSD narrative leading up to this year's Ethereum Shapella upgrade.
In May 2023, Frax Finance introduced frxETH V2, which took frxETH to the next level. In essence, frxETH V2 redefined LSDs as a way to lend ETH to validators and earn "interest." Stakers receive the yield as the interest payment.
Under this framework, frxETH V2 allows deposited ETH in Frax to be lent out to Ethereum node operators. These operators provide the necessary collateral and pay an interest rate to borrow ETH from Frax Finance. The interest payments from these loans are distributed to frxETH stakers as yield.
FRAXCHAIN
In contrast to existing Layer 2 solutions in the market, Fraxchain will introduce a hybrid rollup approach by combining the technologies of Optimistic rollups and zk-rollups.
What makes Fraxchain even more intriguing is its use of frxETH as the gas token on the chain, instead of ETH like other platforms. To ensure sufficient liquidity of frxETH on the chain, FraxFerry will be integrated with Fraxchain right from the start.
The utilization of frxETH for gas transactions holds great significance for Frax Finance. These fees are distributed to holders of veFXS, which can be obtained by locking FXS tokens. This adds further value to FXS stakers who are already benefiting from FXS buybacks funded by FraxLend and FraxSwap fees.
Moreover, as the quantity of frxETH held for gas and utilized on the chain increases, the staked supply of frxETH decreases. This dynamic boosts the overall yield for staked frxETH (sfrxETH) holders, making frxETH more attractive compared to other LSD solutions.
Additionally, there have been hints that Fraxchain will fully utilize account abstraction instead of Externally Owned Accounts (EOAs).
What makes me extremely confident about Frax Finance's long-term success?
• Frax Finance is undeniably one of the most innovative builders in DeFi.
• The introduction of FraxChain will significantly increase the Frax market cap by at least $100M.
• Whenever the price falls below $5, $FXS is repurchased.
• The design of the Frax Ecosystem ensures that the success of one element contributes to the prosperity of the entire ecosystem.
• 51% of circulating $FXS is currently staked.
• There is a possibility that frxETH will be the next asset added to EigenLayer's restaking.
Are you bullish now?
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tbh รีทวีตแล้ว
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tbh รีทวีตแล้ว
Gotta wonder if some of yesterday's exploits might have been white hacked in time if multiple "auditors" like @SupremacyHQ and @BlockSecTeam hadn't tweeted which Vyper versions were affected when a team was working hard to keep it under wraps. Shameful behaviour.
BlockSec@BlockSecTeam
Hey @LefterisJP, your blame is unfair. There are some facts you did not know. - We located this WETH pool (0x8301) issue at 17:10 UTC on July 30. Unfortunately, we cannot DM @CurveFinance on Twitter because their DM is not allowed. So we shared this finding with a trusted channel and asked him to help forward this finding to the protocol at 17:16 UTC. After that, we actively monitored this pool for any suspicious activities. - Two hours later, at 19:08 UTC, unfortunately, our internal system reported an attack on this pool. This means attackers have also located the same issue and successfully launched the attack. - We need to ensure the protocol and, more importantly, users know this new issue and take action asap to save funds. What’s our choice here? Being an ostrich and putting the head into the sand did not help – attackers have already taken action and will NOT stop. We decided to alert the community and the protocol to take action – the Twitter thread you saw (posted at 19:59 UTC). - Ten minutes later, we got a response from the trusted channel and were notified that "we knew the issue" and tried to rescue but "weren't fast enough". We always stand with the users and help protect the community. Our records of saving and recusing users' funds have spoken for ourselves. We are sorry if you lose your money in the security incident. But your blame on a team trying to help the community is unfair.
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tbh รีทวีตแล้ว
tbh รีทวีตแล้ว
Bloomberg TV just interviewed Gensler for ~10 minutes. Obviously crypto was a topic. But Gensler didn't really give a ton of meaningful or new insight. He *mostly* refused to discuss specifics for the ripple case or for #Bitcoin ETF filings. Good job @kaileyleinz & @daniburgz
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tbh รีทวีตแล้ว
I laughed HARD. 🐮>🦄
@cobie steering the narrative correctly.
Now, have a fresh glass of milk & imagine the day wen $COW is more than a governance token. 👀
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@42MacroAware @myLongbow DD , I loved your interview with Ben Cowen! Amazing content, and I suspect there's a lot of overlap in terms of interests and investment approach between your audience and his.
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@42MacroAware Gives me strong topping vibes like that one day on your feed awhile back...
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tbh รีทวีตแล้ว
Sorry kid, that holographic Charizard is still a security since we can’t know if you bought it for your own consumption or as an investment.
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tbh รีทวีตแล้ว
Crypto is not sacred. It IS the future of 🇫🇷France but eventually everyone needs to take profit to secure that future....including founders.
If you're offended by teams selling or borrowing against crypto to feed & shelter their families (no matter how nice the house), ngmi.
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